Segmentation Secrets: 9 Ways to Target the Right Audience
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Learn the secrets of audience segmentation, and discover 9 ways to identify the right audience for your next campaign and deliver better results with lower costs. We cover: - Why segmentation is important - When and where you should segment - The 9 strategic segmentations you should use - How to implement these segmentations - What to do if you can't segment an audience
Segmentation Secrets: 9 Ways to Target the Right Audience
- 1. SEGMENTATION SECRETS: 9 WAYS TO TARGET THE RIGHT AUDIENCE July 2024
- 2. 2 Half the money I spend on advertising is wasted; the trouble is I dont know which half. John Wanamaker
- 3. 3 The Webinar Segments How you segment today Why segmentation is important When and where you should segment The 9 strategic segmentations you should use How to implement these segmentations What to do if you can't segment an audience Key take-aways Q&A
- 5. 5 Why Segmentation is Important People who will buy Right company Right people in the company Companies in-market Right message to each segment By market, persona, company size, etc. How can we make our campaign more likely to succeed
- 6. 6 When Should You Segment? ALWAYS Advertising Email marketing Social Trade shows/events
- 7. The Nine Strategic Segmentations You Should Use
- 8. 8 1. Firmographic and Demographic Segmentation Job Title Plus seniority, job role, time at company, etc. Industry and Company Size: Industry verticals Company size Location Customer Tiering: Strategic importance and revenue potential
- 9. 9 2. Behavioural-Based Segmentation Activity-Based What people do on your website/email clicks Usage-Based Purchase frequency, product usage intensity, or loyalty SaaS tools can provide detailed usage data Buying Behaviour Decision-making process, purchase behaviour, and buying roles
- 10. 10 3. Value-Based Segmentation Customer Lifetime Value (CLV) Can also use annual revenue (ARR) Profitability Often more useful than revenue segmentation Can be harder to measure/estimate Need to take into account length of relationship Future money may be discounted CLV = average order value (AOV) x frequency of purchase x retention
- 11. 11 4. Technographic Segmentation Technology Adoption and Usage Type or sophistication of technology Can use to eliminate companies E.g. if use competitors technologies Technology used can significantly influence buying behaviour in some markets
- 12. 12 5. Psychographic Segmentation Decision-Maker Profiles Attitudes, values, and motivations of decision-makers within organizations Includes risk aversion, innovation propensity, and leadership style. Cultural and Behavioural Traits Different customers/prospects need different messages Personas Classic way to segment Different personas can be in the same psychographic segmentation
- 13. 13 6. Data-Driven and Machine Learning Segmentation Cluster Analysis k-means clustering, hierarchical clustering, and DBSCAN Dont need to understand what the clusters mean Need to have separate analysis of what marketing works for each cluster Predictive Analytics Predictive modelling anticipates future behaviours Segment based on predicted needs and actions.
- 14. 14 7. Customer Journey Segmentation Can be hard to understand stage of journey But were familiar with simple journey segmentation tofu, mofu, bofu More granular segmentation can improve performance Building detailed customer journey model is most effective, (but most complex) Move customer along step-by-step Build microjourneys A I D A
- 15. 15 8. Needs-Based Segmentation Job-to-be-Done (JTBD) Theory: Customers dont buy products Hire products to solve problem/do a job What is the customer trying to achieve? Specific needs Pain points Solve the problem, dont sell a product
- 16. 16 9. Account-Based Marketing Each customer is a segment Allows high levels of personalisation One of the most popular segmentation approaches for B2B today
- 17. 17 Bonus Interest-Based Segmentation E.g. market products to people interested in them Can be like behavioural PR is an example (target people interested in specific magazines)
- 18. 18 What to do if You Cant Segment an Audience Start gathering data Enable future segmentation 3rd party databases Public databases Build models/journeys Ask using forms/track behaviour Test Name Email Company Name Email Name Email Job Title Company Job Title Challenge Project Start
- 19. 19 Key Take-Aways Segment your data! There is no perfect segmentation But some may be too hard Test different approaches Keep gathering data
- 20. 20 Our Next Webinar: How Business-to- Business Advertising Works 20th August 2024 4pm UK 11am Boston 8am San Francisco https://qrcodes.pro/tGO3eT
Editor's Notes
- #3: Wasted advertising money is simply advertising to the wrong audience (well it can be terrible ads, but John Wanamaker created the chain of stores that eventually became Macys so his ads were probably OK).
- #7: Its not just picking the right shows! Talk about trade shows booths segment by offering beer or executive meetings .
- #9: Company size can be revenue, number of employees, number of people at certain division, etc. Example of implementation - LinkedIn
- #10: Example of implementation marketing automation (e.g. email if visit a page or fill in a form)
- #11: ARR is annual recurring revenue SaaS companies typically focus on value-based segmentation Its a process that is based upon research and then calculations do the math! Note that it can result in treating your customers like a wallet, not a person
- #12: Typically implemented using scanning tools, desk/sales research or 3rd party databases
- #13: Compare different industries e.g. formula 1 will have a different approach to risk to Boeing, who cant afford for anything to fall off planes (oops maybe accountants) Personas can have the same psychographic segmentation in some cases e.g. CFO and purchasing might both just care about financial calculations.